STABLE used car values meant strong financial results for the leasing and fleet management arms of automotive services group Inchcape.

Overall, Inchcape pre-tax profits were up from £61 million to £73.4 million for the year to the end of December 2001, helped by the acquisition of Eurofleet and joint ventures with AA and Avis Europe.

The firm continued to make losses at its online car retailing arm Autobytel UK, although they were £3.7 million lower than last year.

However, after making a £7 million write-off against residual value losses in 2000, Inchcape said its leasing and fleet management divisions did not need to set aside any further cash last year.